Antigua & Barbuda Could Make a Great Tax Home

If you are a digital nomad, in search of a friendly tax home, Antigua & Barbuda might be what you’re looking for!

April 11, 2019

By: Bobby Casey, Managing Director GWP

In these times of economic scrutiny, it’s getting difficult to navigate the
regulatory waters. Let’s be honest, governments hardly need an excuse anymore
to “crack down” on offshore activity. The Panama Papers made
headlines as if they were evidence of some nefarious underworld, despite the
lack of any evidence to that effect.

This is one of the reasons I created GWP Insiders: to give people
the resources they need to make informed decisions about their
internationalization efforts.

Not that long ago, an Iranian banker was apprehended for using his dual
citizenship with St. Kitts and Nevis to circumvent US sanctions. To hear them
describe the charges, you’d think they were involved in some dark dealings, but
it boiled down to avoiding sanctions and money laundering.

The truth is, the US was a poor sport about a legitimate loophole. The
Iranian bankers maintain their innocence, as they should, because they met each
of the requirements and followed the rules. Rules the US government determined
were too lax for their liking.

Does that mean every offshore opportunity in the Caribbean is on shaky
ground? No. Look, the US government has it out for Iran. If you are Iranian,
then you will need to proceed with caution no matter what you do.

The bigger picture is that economic oppression creates economic refugees.
Whether it’s Californians fleeing to Texas, New Yorkers fleeing to Florida, or
Iranians fleeing to St. Kitts and Nevis, the story is the same. Individuals are
seeking economic freedom, and those with means have options.

Even the Chinese are signing up in droves, and Iranian expats are likewise
still signing up, regardless of what the US government may or may not do.

The fact is, the very criticisms of Caribbean citizenships are what make
them so valuable!

Antigua and Barbuda are offering, for a limited time, a reduced cost citizenship by investment opportunity. I call it an opportunity not just because of the short period of availability, but because it can be a digital nomad’s best friend.

Recent standards in international bank reporting require people to list a
“tax home”. That is to say, what tax regime do you belong to? If you
don’t list one, they default to your home country.

Here are three acronyms that become critical to you when considering
offshore banking or setting up a new tax home:

FATCA – Foreign Account Tax Compliance Act
“The Foreign Account Tax Compliance Act (FATCA), which was passed as
part of the HIRE Act, generally requires that foreign financial Institutions
and certain other non-financial foreign entities report on the foreign assets
held by their U.S. account holders or be subject to withholding on withholdable
payments. The HIRE Act also contained legislation requiring U.S. persons to
report, depending on the value, their foreign financial accounts and foreign
assets.”

OECD – Organization for Economic Cooperation and
Development

CRS – Common Reporting Standard
“The Common Reporting Standard (CRS), developed in response to the G20
request and approved by the OECD Council on 15 July 2014, calls on jurisdictions
to obtain information from their financial institutions and automatically
exchange that information with other jurisdictions on an annual basis. It
sets out the financial account information to be exchanged, the financial
institutions required to report, the different types of accounts and
taxpayers covered, as well as common due diligence procedures to be
followed by financial institutions.”

If you’re trying to get out from under the US tax system, for example, you
won’t get far if you have your offshore bank still reporting back to the US.

The solution is to get a new tax home. One in which you don’t have to live, so you can continue your nomadic lifestyle; but allows you to get through the paperwork while having little to no tax obligations. If you are a digital nomad, then this citizenship also grants visitor access to over one hundred countries around the world!

If you want to settle in these islands, great! That is also an option. But
if you’re country-hopping and jet-setting, then you can still call Antigua and
Barbuda your tax home.

The islands sell themselves with their weather and beaches. It’s not as
humid as other islands in the West Indies, but its rainiest season is also its
hottest season: May through November. With a population of 90,000, the entire
country is smaller than many cities around the world.

With 365 beaches and situated where the Atlantic Ocean and Caribean Sea
meet, it offers a great number of natural attractions to see.

Register for GWP Insiders today! Not only
will you find detailed information about Antigua and Barbuda, but you will also
get access to other offshore opportunities for banking, living, and investing!

GWP Insiders is the growing resource center for people looking to internationalize their lives in any capacity. Whether you’re looking for a new physical home, or a new tax home, GWP Insiders connects you to the information and resources you need to get started.

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The asset protection information contained on this site is not and should not be construed as legal advice. Global Wealth Protection advises its clients on asset protection and wealth preservation strategies based on a variety of legal, economic, geographic and other criteria.